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The average long-term U.S. mortgage rate fell for the fourth straight week, offering more relief for prospective home shoppers at a time when many have put off buying a home due to elevated home loan borrowing costs and prices.
Mortgage buyer Freddie Mac said Thursday that the average 30-year fixed-rate mortgage in the U.S. declined to 7.11% from 7.18% last week. One year ago, the average rate was 6.24%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell again this week. That average rate dipped to 6.45% from 6.57% last week.